Mineral Resources (MIN) investor relations material

Executive summary

• Net debt reduced to approximately AUD 4.5 billion and liquidity increased to AUD 1.8 billion, with a materially improved debt maturity profile and lower cost of debt.

• FY 2026 production volume guidance upgraded across Mining Services, Onslow Iron, Wodgina, and Mt Marion, reflecting strong operational performance and resilience to weather disruptions.

• Onslow Iron produced 7.8Mt and shipped 7.2Mt in Q3 FY26, with operations quickly recovering from cyclone impacts.

• Spodumene concentrate sales reached 115k dmt SC6 at an average price of US$2,105/dmt, up 92% quarter-over-quarter.

• Disciplined capital allocation and selective brownfields expansion remain priorities as de-leveraging continues.

Financial highlights

• Issued $1.3 billion in new senior unsecured notes, reducing annual finance costs by AUD 48 million and lowering weighted average cost of debt from 8.4% to 7.4%.

• Net debt as of 31 March 2026 reduced to ~$4.5B from $4.9B at 31 December 2025.

• Liquidity increased to $1.8B, including nearly $1B in cash and an undrawn $800M revolving credit facility.

• Onslow Iron realized iron ore price at $95/ton (91% of Platts 61% index); Pilbara Hub at $89/ton (86% of Platts 61% CFR index).

• Lithium average realized price up 92% quarter-on-quarter to $2,105/ton SC6, with April sales above $2,500/ton.

Outlook and guidance

• FY 2026 production guidance upgraded: Onslow Iron to 17.7–19.4 million tons attributable, Wodgina to 270,000–290,000 tons SC6, Mt Marion to 210,000–230,000 tons SC6.

• Mining Services FY26 production volume guidance raised to 320-330Mt.

• Pilbara Hub volume guidance maintained at 9.0-10.0M wmt, with costs expected at the upper end of $75-80/wmt.

• Liquidity and leverage expected to improve further in the June quarter, targeting near or below 2x net leverage.

• Cost guidance maintained across all divisions despite elevated diesel prices.